I'm reserving judgement. As much as I like Del Toro there are a few things holding this back from being totally awesome.

1. No one does Lovecraft well. No one. Stuart Gordon has adapted Lovecraft with some success but mostly his more conventional horror. The thing that makes Lovecraft so effective is that he lets you do all the work when it comes to describing his horror. Let the mind run wild and there isn't a director on earth who can properly convey what you're seeing in your mind'e eye. Put a definite article on the monsters of the mythos and you take something away from it.

2. Del Toro does great when he's working independently in foreign markets but the stuff he has done for Hollywood rarely do anything for me. I think the only studio movie of his that I really liked was Blade 2. Hellboy left a bad taste in my mouth but I'm also a huge Mignola/Hellboy fan.